How Epstein hid ownership of second island, CK Holding Group buys Miramar retail: Daily digest
A daily roundup of South Florida real estate news, deals and more for Oct. 2, 2019
Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to firstname.lastname@example.org
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How Jeffrey Epstein hid his ownership of a second island in the Caribbean. The seller of Great St. James Cay didn’t want to deal with Epstein, a convicted sex offender, so Epstein made the ownership of an LLC appear like it was Sultan Ahmed bin Sulayem, a wealthy Dubai businessman, according to the Miami Herald. Epstein didn’t officially declare that he owned the second island until his July arrest, and it turns out that the sultan did not give Epstein permission to use his name. [Miami Herald]
CK Holding Group paid $6.2 million for a shopping center in Miramar. CK, led by Alberto Khamazi, closed on the Sienna Shops at Miramar, at 2600 South University Drive, for $276 per square foot, according to a source. Marcus & Millichap’s Drew Kristol, Kirk Olson and Ryan Shaw represented the seller, while Alan Lipsky, Barry M. Wolfe and Evan Whelan brought the buyer. Property records show Sienna at Miramar LLC, tied to BF Acquisitions LLC, sold the building.
Lennar Corp. reported an uptick in net income and home deliveries in its third quarter, but signs still point to a broader slowdown in the housing market. The Miami-based homebuilder reported $513.4 million or $1.59 per share in third quarter net income, up 13.3 percent from $453.2 million or $1.37 per share in the third quarter of 2018. At the same time, revenue from home sales increased 2 percent, year-over-year, to $5.3 billion. [TRD]
WeWork installs new head of Japan amid Asia shakeup. Kazuyuki Sasaki, the former managing director of WeWork Japan, is replacing Adam Neumann ally Chris Hill as CEO of Japan operations. The company is also considering halting its growth plans in China, which would fall into line with drastic cost-cutting measures meant to reduce mounting losses. [TRD, Bloomberg]
Alliance HSP paid nearly $82 million for the One Financial Plaza office tower in downtown Fort Lauderdale. The deal is part of a larger $117 million purchase that includes the land underneath the building. Walton Street Capital and Crocker Partners sold the building at 100 Southeast Third Avenue to OFP Fort Lauderdale LLC for $81.9 million. The buyer is controlled by Alliance HSP, a real estate investment firm based in Bryn Mawr, Pennsylvania. Alliance is an affiliate of The Shidler Group, also a real estate company. [TRD]
Hotel developer Quadrum Global is planning to build an Arlo hotel in Wynwood, nearly a year after buying the property. Quadrum Global tapped NBWW Architects to design the mixed-use hotel on Northwest Miami Court, The nine-story, 141,758-square-foot Arlo Wynwood will have 217 guest rooms, a fitness center with a yoga deck, valet parking, restaurants and bars. [TRD]
Justice Department’s broker commission inquiry widens. The agency acknowledged Monday that it sent a civil investigative demand to CoreLogic linked to a probe into residential real estate brokerages. Two class-action lawsuits allege that multiple brokerages are inflating seller costs. And a source told Law360 that the DOJ’s inquiry likely involves other firms. [Law360, Inman]
Starwood wants to redevelop the Mall at Wellington Green, adding multifamily units, restaurants and entertainment space, and a hotel. The hotel would include a pool, deck and beach, and the project would be centered around a 3.5-acre Crystal Lagoon, according to the Palm Beach Post. Starwood Retail Partners is proposing the demolition of the former Nordstrom anchor space. [Palm Beach Post]
An island in the Florida Keys hit the market for $17 million. Owner James Terra put the 15.8-acre private island at Mile Marker 79.9 in Islamorada on the market for the first time in 25 years. The property includes a five-bedroom house, pool, cabana, tennis court, boat slip and helicopter pad, according to the Sun Sentinel. It’s listed with Patti Stanley of Coldwell Banker Schmitt. [Sun Sentinel]
A-Rod is coming for New York City and South Florida real estate. In Miami, the retired all-star Yankee is investing in the Fairchild Coconut Grove and a mixed-use apartment tower in downtown Miami. Up in New York City, he’s partnering with Stonehenge NYC and broker Adam Modlin to make condo and apartment acquisitions, and he’s investing in multifamily across the country. The multi-talented investor opened up to The Real Deal about his new ventures. [TRD]
Compiled by Katherine Kallergis